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Business and Financial Policies and Procedures

Responsibilities

The Board of Trustees of the University of Illinois established the University of Illinois Self-Insurance Plan for General and Professional Liability on August 1, 1976. The Plan covers civil liabilities for bodily injury, personal injury and damage to tangible property resulting from occurrences in the conduct of University business, and damage arising from professional services. The Plan is funded based on an annual actuarial recommendation.

The Vice President/Chief Financial Officer and Comptroller delegated the responsibility for insurance procurement to the Executive Director of the University Office of Risk Management. He or she evaluates insurance needs and purchases various types of insurance based on the:

  • Requirements of a contract
  • Protection of University interests
  • Economy of commercial insurance compared to self insurance

University and campus administrators are responsible for managing risk. Chancellors or their designees ensure all insurance requirements are met before the effective date of a contract, agreement for services, or use of premises. They may identify and evaluate risks, and, in conjunction with University Risk Management develop exceptions to the insurance limits and/or requirements.

Units are responsible for following University policies and procedures with respect to entering into contracts, leases, or other types of agreements on behalf of the University.

Units do NOT have the authority to bind the University to a contract, lease, or other type of agreement.

Last Updated: January 31, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010

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